KPMG has commented on the important step on the road to ISSB adoption in the United Kingdom.
KPMG recently shared key insights on the announcement that the UK Government has established the UK Sustainability Disclosure Technical Advisory Committee.
Providing their perspective on the announcement that the Government has established the UK Sustainability Disclosure Technical Advisory Committee (TAC) to develop endorsement recommendations for the adoption of the IFRS Sustainability Disclosure Standards (also known as ISSB standards) for UK companies, Hilary Eastman, Partner and Head of ESG Reporting at KPMG in the UK, said:
“Almost a year on from the publication of the ISSB standards, today’s announcement marks an important step towards adoption of these standards in the UK. The timelines are ambitious, but as the reporting landscape develops globally, companies need clarity over what they should report on and how the various international standards will work together.”
They added:
“Important questions will need to be considered about how to balance having UK-endorsed sustainability reporting standards that promote international comparability, while at the same time making sure they are suitable for the UK market. Companies and investors alike will need to engage with the process and share their views. The adoption of high-quality sustainability reporting standards would build on the already robust corporate reporting and governance regime we have in the UK. Aligning with international reporting requirements would mark a step change in ensuring transparency and accountability, as companies move from talking about what their targets are, to how they are delivering them – and ensuring investors have consistent and reliable information for assessing this when allocating capital, across sectors and globally.”
It was also confirmed in the announcement that Hilary Eastman will be “a member of the UK Sustainability Disclosure Technical Advisory Committee (TAC) responsible for undertaking a technical assessment and provide recommendations to the Secretary of State for Business and Trade on whether endorsement would be conducive to the long-term public good in the UK.”
